ConocoPhillips to Cut US Staff in September
ConocoPhillips, which has its headquarters in Houston, will implement “modest” workforce reductions in September, a company spokesperson confirmed to Rigzone Aug. 13.
“ConocoPhillips has undertaken a series of cost-reduction measures over the last few years in response to the downturn, including exiting higher cost of supply lines of business and divesting several non-core assets,” the spokesperson said in an emailed statement. “We have been transparent with employees that targeted modest workforce reductions in certain areas of our business may be necessary from time to time to help us operate more efficiently.”
The reductions will occur in mid-September and primarily impact Houston and Lower 48 employees, the spokesperson added and declined to give a specific number of impacted employees because the company is “currently working through the staffing process.”
ConocoPhillips posted a better-than-expected quarterly profit of $1.6 billion July 26, partly due to the rise in oil prices. The company also forecasted capital spending of $6 billion this year – higher than the initial budget of $5.5 billion – noting the increased spending would be for well completions, work with production partners and inflation, Reuters reported.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- ConocoPhillips Plans for $6.1B Capital Spend in 2019 (Dec 10)
- ConocoPhillips Departs Barnett (Nov 01)
- ConocoPhillips Strikes First Oil at New Alaska Site (Oct 10)